Wouldn’t it be amazing to create your own cryptocurrency? I’m sure that there are plenty of people out there who have a great business idea that would be enhanced by its own blockchain. I bet you’re probably assuming that you need specialist coding knowledge?
If you’re anything like me then you probably think that making your own cryptocurrency is impossible. You probably lack the coding knowledge. Maybe you don’t have the time to commit to such a time consuming project. Or else, perhaps you have the coding knowledge but don’t know anything about cryptography and encryption.
Creation and caution
The truth is that it’s relatively easy to create your own cryptocurrency. Arguably, it’s even easier than building a website. There are several ways that you can create your own cryptocurrency without the need for specialist coding knowledge.
As a consequence of the ease of creation you should be careful with initial coin offerings (ICOs). As Spiderman’s uncle once said “with great power comes great responsibility” and in the case of cryptocurrency it’s no different. With just a common sense and an ability to follow instructions you could create your own cryptocurrency over a weekend. As such, it is this easy for anyone wishing to con people out of money to issue their own token. Take care and do your due diligence on all ICOs.
Coding your own altcoin or token
As mentioned, it’s not that hard to create your very own coin. There are several ways in which you can make your altcoin. If you know a little bit of C++ programming language then you can probably copy an existing code and tweak it for your own cryptocurrency.
In essence, most coins are based on the original Bitcoin code. Most blockchains are open source and as such the code is available for all to view online for free. To create your own cryptocurrency then go onto Github.com and download a version of an existing blockchain such as Bitcoin or Litecoin. With just a little tweaking of the code such as customising the coin name you could have your cryptocurrency up and running in a matter of hours.
There are loads of online resources that provide a step by step guide on how to tweak the blockchain code. However, this is not the resource, nor do I have the programming knowledge to provide a guide here. Nevertheless, a quick internet search will provide the required knowledge.
Create your own altcoin or token without any coding knowledge
Despite the fact that you may not have any coding knowledge it is still relatively straightforward to create your own utility token. There are various blockchain platforms that facilitate the creation of your own coins.
The Bitshares platform enables the creation of a ‘user issued asset’. This is a very straightforward platform that enables you to create a token for trading on the Bitshares exchange. Added to this, Bitshares has arrangements with various exchanges to allow you to see your coin on other exchanges. However, for other exchanges to adopt your coin it needs to be regularly traded. The Bitshares platform allows you to customize the attributes of the token based on the requirement. For example you may want the cryptocurrency to work slightly differently depending on whether its for monitoring event tickets, crowd funding or to track digital property.
The Ethereum blockchain also allows a user to copy and paste their code in order to create your own cryptocurrency. The new coin will run on the existing Ethereum blockchain. An alternative cryptocurrency building resource is cryptonotestarter.org.
The point is that as the cryptocurrency industry grows we will see more and more altcoins and tokens arrive on the exchanges. After a little investigation you will discover how easy it is to create your own cryptocurrency. As such, I urge extreme caution when assessing new ICOs.